ENGLEWOOD, Colo. (AP) — Barry Diller is stepping down as chairman of TripAdvisor after selling his stake in the travel website to Liberty Interactive.
Liberty Interactive bought 4.8 million shares of TripAdvisor Inc.'s common stock from Diller and The Diller-von Furstenberg Family Foundation for about $300 million, making it the travel website's new majority shareholder.
Diller will remain a director at TripAdvisor, based in Newton, Mass.
Liberty bought the shares for $62.50 each. It now owns and controls 18.2 million shares of TripAdvisor's common stock and 12.8 million shares of its Class B common stock. That's about 22 percent of the equity and 57 percent of the total votes of all classes of TripAdvisor common stock.
Liberty Interactive Corp. owns shopping websites like the QVC shopping channel and also invests in other companies.